What is Polybius Token

Polybius Token is a token that was offered during an Initial Coin Offering for Polybius Bank. The token was meant to raise fund for kick-starting Polybius Bank. The founders of this bank envision that in future people will need to store their digital assets on a secure digital bank. The bank seeks to combine technologies such as intent of things, digital pass and big data and block chain technology to create a secure platform where the individuals can store their digital assets.  Other technologies that will be incorporated by the back are Open APIs, smart contracts, biometrics, SSL, and Decentralised ledgers.  The envisioned Polybius financial services will include international systems to serve transaction needs of international customers.

The token was issued by Polybius Foundation which is incorporated in Estonia. During the ICO a maximum of 20million tokens were issued. However only 3,969,565 PLBT were taken. 5% of the tokens went to the founders, 2% were for bounties while the rest were issued to the public.  The token grants the owners right to receive 20% of the profits made by the company. The dividends will be issued through the ethereum smart contracts.

The project’s founder is Ivan Turygin, the owner of the Hashcoins which is a website that is dedicated to cloud mining.

Ivan Turygin

Hash  Coins company allows people to purchase mining equipment through cloud mining arrangement where investor purchases the mining equipment and they mine the crypto from the cloud. The major investor in the  bank’s token project is Oleg Tinkov who is a Russian billionaire with a net worth of $1.2 billion according to Fortune magazine. Oleg Tinkov has interests in the banking and technology industries. His investments in the Polybius foundation and Polybius Token shows that future for banking is in digital banking that is secured by block chain technology. Therefore there is lot of enthusiasm and interest in the bank as it is the first digital bank that has been created for the cryptocurrencies.

You can read more about other cryptocurrencies here:

What is Litecoin cryptocurrency?

Charlie Lee

Charlie Lee (SatoshiLite) currently works at Litecoin  by promoting Litecoin which is an alternative currency.

Charlie Lee is the former director of engineering at Coinbase. He worked at Coinbase from 2013-2017.

He previously worked as a software engineer in Google from 2007 to 2013.

He has Masters Eng. Computer Science from Massachusetts Institute of Technology.

He holds Bachelors of Science in Computer science from Massachusetts Institute of Technology.

He attended The Lawrenceville School.

What is Litecoin cryptocurrency?

Central bank of Kenya CEO says that bitcoin is a Ponzi scheme

The Central Bank of Kenya governor indicated that they are closely monitoring the crypto currencies. When asked whether Kenya will adopt crypto currencies. The Central Bank of Kenya governor Patrick Njoroge termed bitcoin which was luring unsuspecting buyers and speculators in purchasing the bitcoin at inflated prices.

Dr Patrick Ngugi Njoroge

The governor noted he could not certain when the bubble will burst, but he was certain that the government will not develop regulations for bitcoin in Kenya in the short term. While bitcoin is not illegal in Kenya, the government does not recognise as a currency and has warned its citizens not to use the currency due to the risks posed by the currency such as high volatility which makes the investment risky for Kenyans.

Despite the criticism offered by the Central Bank of Kenya, Kenyans are adopting bitcoins en masse. The transactions in the Local Bitcoins topping to more than KES 25 million as at December compared with KES 15 million in June. This shows that there is increasing adoption of crypto currencies in Kenya. With the Kenyan economy not performing as expected, most tech savvy individuals are opting to invest in digital assets. The digital assets are considered better than saving cash in fiat money. In addition, there is increasing number of people who are sensitizing people about bitcoin and crypto currencies thus making more Kenyans to be confident about crypto currencies.

Recently there was a bitcoin meet up in Nairobi which sensitised people on how to buy and have digital asset. Such meting are still coming up in Nairobi and are expected to increase the adoption of bitcoin and other crypto currencies in Kenya. Other countries which have indicated that they are monitoring crypto currencies are Swaziland whose central bank governor indicated that they are monitoring block chain technology before deciding how to regulate cryptos. Some countries such as Nigeria ad South Africa led in bitcoin use and transactions in Africa.

Dr Patrick Ngugi Njoroge

Dr Patrick Ngugi is the Central Bank of Kenya governor since 2015 to present.

Dr Patrick Ngugi Njoroge was born in 1961.

Before his stint in the Central Bank of Kenya, Dr Njoroge worked at IMF as advisor to the Deputy Managing Director.

He is a graduate of Yale University where he graduated with a Doctor of Philosophy in economics.

Prior to that he had graduated from the University of Nairobi in Kenya in 1985 with a Masters of Arts in Economics

In 1983 he had graduated with Bachelor of Arts in Economics from the University of Nairobi.

Will crypto currency kill Mpesa?

Bob Collymore is the CEO of Safaricom which owns MPESA

In the sub Saharan Africa the most revolutionary technology and innovation is that of mobile money. Mobile money technology involves the ability to send money from one person to another using mobile phone text message. The technology has been revolutionary because people used to rely on banks to send money and the unbanked people used to rely on other people to send cash to rural areas. However the emergence of Mpesa transformed money transfer services and enabled people to easily send money anywhere in the countries in the Sub Saharan countries. The Mobile money business has since then grown to exponentially with companies such as Safaricom in Kenya generating profits of over $400 million pegged on MPESA transactions over KES 2 trillion transacted through MPesa annually. Due to this, the MPESA service has become so big such that it deals with more money than some of the governments in the sub Saharan Africa. The money transfer service has seen the unbanked managing to join banks and open bank accounts. However the increasing costs of MPesa transactions is creating frustrations among users. Despite the need to transfer money to people in rural areas, the cost of sending a thousand shilling or $10 is $0.4 which significantly higher as the amount of transactions increases. This makes tech savvy users believe that the crypto currencies may overcome MPSA in the near future as people in Kenya and other Subsaharan countries adopt the block chain technology. The major reasons why the adoption has not been successful in Sub Saharan countries except South Africa is because central banks and the telecommunication companies with money transfer services have colluded to ensure that the crypto currencies do not get entry into those countries. This is because they would drive them out of their major business which is money transfer. People would simply use crypto to send money to each other and therefore avoid the high transaction charges which are levied by the mobile money companies. While the old folks many find it hard to adjust, millennials who are knowledgeable about bitcoin and crypto currencies such as litecoin which has very low transactional charges have started to adopt these crypto currencies. This implies that the adoption of crypto is increasing and soon mobile money businesses will be out of business once there is enough awareness about crypto currencies in the countries in Sub Saharan countries. This basically means that companies and crypto currency exchanges and wallets of crypto currency will have the $400 million market up for grabs through the low costs transactions. The low cost transactions which would be very popular among the costs conscious masses.  Although crypto currencies are depicted as money for criminals and especially for money launderers and cyber criminals in Sub Saharan Africa, this is bound to change.  MPESA will be replaced by the crypto currency which will be the medium of exchange among the millennials who are the fastest growing market in Sub Saharan Africa. Litecoin is likely to be the crypto currency that will change MPESA.

What will Tether do to deal with the theft of $30 million

$30,950,010 USDT were stolen from the Tether’s Treasury wallet on November 19, 2017 and they were sent to an unauthorized bitcoin address. Since tether is the  issuer of the USDT asset, the company will not redeem any  stolen tether. The attacker is said to hold the tokens in this listed wallet: 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r.

The company has warned USDT users from receiving tethers from the said wallet because they will not be recognised and cannot be redeemed by USD or by Tether.

The following steps have been taken to address this matter:

  1. The tether.to back-end wallet service is temporarily suspended.
  2. The company is providing  new layers of Omni Core to the community. (Omni Core is the software used by Tether integrators to support Omni Layer transactions.) The layers aim at preventing movement of the stolen coins from the attacker’s address.  The company is strongly urging all Tether integrators to install the new software immediately in order to prevent the stolen coins from entering the ecosystem. Consequently, ANY and ALL EXCHANGES, WALLETS, should install this software to prevent loss:

    https://github.com/tetherto/omnicore/releases/tag/0.2.99.s

    This software will lead to consensus change to currently running Omni Core clients, implying that there is an effective hard fork to the Omni Layer. Integrators running this hard fork will not accept  token sent from the attacker’s address  thus ensuring that the coins  cannot move  from the attacker’s address.

  3. Tether is working with the Omni Foundation to establish how Tether can reclaim the stranded tokens and rectify the hard fork created by the above software.

Tether hacked and $30 million lost

Tether  which is a USD back crypto currency where  1USD=1Tether  has been hacked. The website was allegedly hacked by an external attacker who stole funds worth of $30 million.

Communication from Tether

The attack on the company which is mostly used on crypto exchanges in lieu of USD negatively affected the price of bitcoin and saw it lose $500 on its value.However, bitcoin and ethereum have since recovered.

The company’s management has indicated that it will hard fork to minimise losses and ensure that the lost tether are not reintroduced into the system. This year, the crypto has been having challenges associated with Bitfinex exchange where it has been alleged that the company does not have an equivalent of USDs in its bank as the amount of Tethers in circulation. However, the company has opened itself for scrutiny by authorities to verify whether those allegations were true or not. The future of the crypto currency now remains unclear after the attack.

You can read more about cryptocurrecies here.

Major events about Bitcoin today 21st Nov 2017

  1. China bitcoin miners are looking forward towards moving their operations overseas due to possible ban on bitcoin mining in China.
  2. Bitcoin processing over $2 billion worth of transactions per day.
  3. Some old people are now moving from the traditional gold into bitcoin.
  4. Standpoint predicts that bitcoin will increase its value by over 70% by March 2018
  5. CitiBank CEO highlights that in the near future states will create their own crypto currencies.

What is Litecoin cryptocurrency?

Litecoin (LTC) is a peer to peer crypto currency that has capacity for instant, low cost payments across the world. Litecoin has an open source code. Litecoin also is decentralised crypto currency that does not have any central authority. The open source code helps to secure the networks and enables users to control their funds. Litecoin’s code is similar to that of Bitcoin as it has significant industry support especially among the developers.

Litecoin

Litecoin’s block chain has a capability of handling higher transactional volumes than bitcoin.      As a result the network supports a lot of transactions without having the need to modify its software in the near future. Also, its  has more frequent block generation that enables merchants to have faster confirmation times. However, when dealing with big ticket transactions more confirmations are needed but they do not take a lot time. LTC wallet encryption enables users to secure their wallets. It also enables users to view their balances and transaction history.

As of today, Litecoin has a market capitalisation of $3.6 billion and each LTC costs $67. Already LTC has a circulating supply of  53,877,408 LTC. The maximum supply of LTC will be about 84 million coins which is four times the number of maximum BTC coins.

Litecoin was developed by Charlie Lee who previously worked for Google before leaving Google to work at Coinbase as a lead engineer. He now works at Litecoin development fulltime. The bitcoin silver was established six year ago that is in 2011. The cryptocurrency can be bought at at major crypto currency exchange such as Shapeshift, Coinbase, Kraken, Poloniex and Coin Corner.

Charlie estimates that in 2020 one Litecoin(LTC) will have a market value of $145 used which will be a 100% increase in value.

However, the penetration of LTC in the frontier markets is wanting. Despite the low transaction costs and fast payment solution provided by LTC. Litecoin is still not accessible in frontier markets which limit its use. While bitcoin can be accessed through Local Bitcoin website, there is no local solution for L that can make it accessible to the local population in countries such as Kenya, South Africa, Nigeria, Egypt among many other sub saharan Africa countries. One has to buy bitcoin first before buying litecoin which affects adoption of LTC negatively. Once this problem of accessibility is solved it is expected that litecoin’s value will skyrocket.

You can read more about cryptocurrencies here.

 

Summary of what has happened in cryptocurrency markets this week